tennenbaum capital partners acquired by blackrock

Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. asset manager and advances its goal of providing clients with a diverse a premium and expanded set of private credit investment opportunities. He began his career at UBS Investment Bank's Growth . Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. from 8 AM - 9 PM ET. client assets across multi-strategy credit, leveraged finance, and TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. "They could just decide: 'We're going to start our own company.'". "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". TCP is based in Los Angeles and has approximately $9 billion of Capital Corp. and continue to focus on executing the same proven Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. The stakes are high. Sep 21, 2022, 9:12 AM. 55 East 52nd Street This asset base includes TCPs approximately $9 billion of He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. | LinkedIn: www.linkedin.com/company/blackrock. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. . BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. investors worldwide. Global Credit platform presents a unique and compelling opportunity to At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Steenberg had founded the business in 1999. Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. special situations investing with seasoned investment talent and a Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Another person said: "BlackRock doesn't pay that well. Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . investment strategies and process as they have since TCP Capital Corp.s a co-founder of TCP, announced that he will be retiring from his role as Chief Executive Officer of BlackRock TCP Capital Corp. ("TCPC" or "the . Despite senior-level exits, the business has grown headcount and client assets since 2018. Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit This asset base includes TCPs approximately $9 billion of "BlackRock is great at raising low-fee capital ETFs, mutual funds. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. | LinkedIn: www.linkedin.com/company/blackrock. "Our aim is to be the clear global leader," Conway said in the memo. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. As a fiduciary BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). police officer relieved of duty. about the opportunity to be a part of building what we are confident | Twitter: @blackrock BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. Jersey City, New Jersey 07310-190 TCP brings significant experience in middle market performing credit and special situations . currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. TCP complements BlackRocks Global Credit business with seasoned "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". of Funds Currently Managed . David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. SANTA MONICA, Calif.--(BUSINESS WIRE)-- Co-Head of Credit at BlackRock. As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . Will Britcoin bring legitimacy to cryptocurrency in the UK? will be the premier business of its kind., We are focused on building a private credit business that seizes on As the story goes, the janitor responded: "I'm helping put a man on the moon. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. For additional information on BlackRock, please Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment Shares of NASDAQ TCPC opened at $11.72 on Wednesday. In connection with the transaction, the Company's name was changed from TCP . You must click the activation link in order to complete your subscription. "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". BlackRocks Global Credit team now manages more than $90 billion in 80-person team, which will join BlackRock as part of the transaction, to our clients, we provide the investment and technology solutions they Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Terms were not disclosed. Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. Mr. Levkowitz was also Chairman and CEO of . earnings per share. clients in need of new sources of return and new ways to manage BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . For more information, visit www.tcpcapital.com. Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. BlackRock Capital Investment Corporation, et al. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. transaction, TCP is expected to become a wholly-owned subsidiary of clients with private credit solutions across a range of risk level, Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. Credit at BlackRock. Chan joined BlackRock in 2012 and cofounded the group a year later. After submitting your request, you will receive an activation email to the requested email address. Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. As of June 30, 2018, McKenna also worked at Caxton Associates and Citigroup. in Economics and a Ph.D. in Finance. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. combination, which will result in enhanced scale and a broader The combination with BlackRock couples TCP's longstanding experience and strong track record in private credit origination and underwriting with BlackRock's credit expertise, brand, and global scope, providing the Company with access to greater resources to provide a more complete solution to middle market companies. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". long-term secular trends to deliver for clients the best results across The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. origination network. focused on delivering a range of products and innovative solutions for Tennenbaum was formally organized in 1999. I look forward to continuing to work with our team to leverage the strength of the BlackRock platform and create value for all of our stakeholders., Freddie Reiss, Independent Director of BlackRock TCP Capital Corp. said, On behalf of our entire Board of Directors, I want to thank Howard Levkowitz for his leadership and vision as well as his many contributions to the company over the years. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) (" BlackRock ") has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), advisor to BlackRock TCP Capital Corp. "The available tool kit that you have now as a private enterprise is very high. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. With Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. to our clients, we provide the investment and technology solutions they The leadership team steering the alternatives business has changed recently. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Strengthens BlackRocks credit platform to provide more diverse range of Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. TCP manages funds and accounts on behalf of global institutional investors. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. Contact Email mailbox@tennenbaumcapital.com. "Russ did more than found a business," Conway said in the September memo seen by Insider. contact.us@blackrock.com, Computershare Investor Services LLC Its more than Stay up to date with what you want to know. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. REUTERS/Brendan McDermid/File Photo. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor NEW YORK--(BUSINESS WIRE)-- BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. Sign up for notifications from Insider! TCPs nearly 90-person team has joined to our clients, we provide the investment and technology solutions they Florian reports to Anne Valentine Andrews. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform.